Profiting From Forex Without Any Trading Knowledge
Here’s How eToro Investors Earn 30% to 100% Profit per Annum Without Any Forex Trading Knowledge or Experience.
But let me warn you. eToro is not for everyone.
If you are about to join EToro or even thinking about joining, then this is the most important article you’ll ever read.
You see, eToro wasn't my first choice at all.
All, I wanted to do was to invest my spare money and I was looking for options.
There were exactly 3 options I had.
1. Continue with Get-Rich-Quick Schemes – As we all know, these type of investments never work in the long run. Ponzi and pyramid schemes, some disguised as multi-level marketing or networking companies will leave you broke and heart broken. Many KIPI Mydeposit241 and MMM Global members found out the hard way.
2. Start trading on my own - I knew this wasn't a good idea as I knew close to nothing about trading and had not done a single trade in my life. It would be easy to lose all my money within weeks if I had chosen this option.
3. Get into copy trading - This seemed like a better choice out of the 3 i had but it had its own pitfalls. A person could lose money quickly, if he didn't follow certain rules which I have shared below. But if you can control your emotions and follow the guidelines set by eToro, you’ll be able to make some decent profits by yourself.
eToro Copy Trading enables forex newbies like you and me to automatically copy trading positions managed and selected by experienced top traders. eToro has thousands of top traders to choose from. Find your traders and select them, and relax. From then on, every trade they make will be automatically copied into your trading account, as they make profit, you are also making profit. For example, eToro members who copied one of eToro's top traders JoFxpro made profit of up to 129% as well.
But there was still one big obstacle.
Copy trading has one big disadvantage and due to this disadvantage you can end up:
1. Making decent profits each and every month
2. Losing all the money you had in your very first month.
The disadvantage I am talking about is when you copy the trades of the wrong person. There are many traders on copy trading sites who join the site and pose as experts even though they themselves have lost money. These people just make a profit or two and it starts showing up on their profile and many traders who dont know what to look for start copying their trades and end up losing money.
Luckily I had a friend on eToro who was quite an experienced trader. He helped me to filter out these bad traders and taught me what to watch out for. It’s because of him that I was able to spot bad traders and avoid copying them.
And I am going to do something similar for you, but first let me tell you...
...What To Absolutely Avoid When You Join eToro.
- Dont get Greedy & start making risky trades - There is a tendency among new comers to eToro. There are quite a few new comers to social trading and when they start getting profits the first month itself (I don’t know how but this happens to a lot of smart new comers who know what to look for), they get greedy and are unable to hold back. When you are inside the member’s area you’ll learn about what’s a high risk trade and a low risk trade and all members are advised to keep their risk low and not to go high beyond a certain level.
But greed takes over them and they flout the rules and start risky traders with extremely high returns. I have seen some who lost almost everything they had profited because they could not control their greed.
- Dont start considering yourself a trader after a few profitable trades - A lot of new members who somehow make a profit. Maybe it’s luck?? Not sure but after making a profit, these people start to think themselves as experts and start trading on their own, trying to gather a following for themselves. Needless to say, they soon get to know the bitter truth that they are still beginners with an inflated ego.
- Dont copy trades blindly - You see when you get inside the eToro members area, it is an overwhelming experience for some people. There are many traders in there who make a profitable trade or two and consider themselves as experts. If you somehow end up copying their trades there are high chances you’ll end up losing money. So you have to be careful who you copy.
I have come up with my own rules of how to know which traders to avoid, they will help you to choose the best traders and avoid the ones who pretend to be experienced traders. And copying bad traders is the No. 1 reason some eToro members end up losing all their money quickly.
And these are the simple rules followed by successful eToro investors:
- Copy a minimum of 5 traders with at least $100 per trader. You can copy up to 20 top traders.
- Select traders with a history of least 2 years’ experience on their performance statistics.
- Look for traders with a risk profile of between 2 and 6 on average.
- Make sure traders you select have a daily drawdown of less than 5%, and a weekly drawdown of less than 15%.
Do not copy any traders unless they meet the above criteria. The eToro platform is easy to use. Once you are logged in, you should easily find your way to the performance statistics information. If you follow the simple rules as stated above, you will part of the successful eToro investors who earn 30% to more than 100% profit per annum.
If you want to learn even more about how eToro Trading System work, click here.
Now, you have 2 choices:
Choice 1: Go ahead and continue to read eToro reviews - a bad choice because no matter how many reviews you read you still won’t know what would have happened if you had joined.
Choice 2: Go ahead and join eToro as a free member. See what other members are saying about it. Ask them what are the difficulties they face as a member and what are the things they advise. There’s a lot of guidance there to help you learn the social trading system and make smart decisions. Even if you end up not using eToro, you’ll at least get some copy trading knowledge and get an insider look at eToro’s copy trading system.